It is, therefore, necessary to know what is commodity. From his analysis it appears that not every product of labour is a commodity.If the product of individual’s labour satisfies his own needs or those of his family, then it is only a product, a thing, but not a commodity. In fact capitalism is the by-product of Industrial Revolution and Marx’s philosophy centres around the development of capitalism and its consequence.
One typical feature of capitalism is the domination of few persons in commodity production.
Commodities are produced under the absolute authority of the owners of capital.
This gap is so wide that it forms the basis of exploitation.
It is now quite clear that commodity and commodity production are vital aspects of the rise and development of capitalism.
The purchaser offers an amount to the labourer for the labour power and it is called wage.
There is a gap between what the capitalist receives in the form of revenue from the sale of the commodity produced by worker and what he gives him in the form of wage.One is separation of exchange value from its material basis.The other is attachment of exchange-value to the substance of commodity.Commodity production arose in the period of disintegration of the primitive communal society and gradually acquired increasing importance.The Industrial Revolution signified the establishment of the material base corresponding to capitalist production relations.The chief elements of capitalism are capital, means of production and labour.But these three elements do not normally constitute capitalism.A commodity appears, at first sight, a very trivial thing.Its analysis shows that it’ is, in reality, a very queer thing, abounding in metaphysical subtleties and theological niceties.After reading this article you will learn about Capitalism:- 1. Thirdly, majority people are deprived of the ownership of the forces or means of production. So the term capitalism is associated with three notions. Second is, the ownership of the means of production is concentrated in the hands of few persons.